Causeway Capital Management LLC Sells 32,714,894 Shares of Banco Bradesco SA $BBD

Key Points

• Causeway Capital Management LLC significantly reduced its stake in Banco Bradesco SA by 90.1% in the first quarter, selling over 32 million shares and holding just around 3.6 million afterwards.
• Banco Bradesco recently announced a dividend payment of $0.0023 per share, indicating a boost from its previous dividend of $0.00, which reflects positively on its financial performance.
• Wall Street analysts have upgraded Banco Bradesco's stock ratings, with multiple firms issuing a buy rating, suggesting increased investor confidence despite recent share movements.

Causeway Capital Management LLC decreased its stake in shares of Banco Bradesco SA (NYSE:BBD - Free Report) by 90.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,598,612 shares of the bank's stock after selling 32,714,894 shares during the period. Causeway Capital Management LLC's holdings in Banco Bradesco were worth $8,025,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Compound Planning Inc. increased its holdings in Banco Bradesco by 124.9% during the first quarter. Compound Planning Inc. now owns 112,009 shares of the bank's stock valued at $250,000 after buying an additional 62,208 shares during the last quarter. Candriam S.C.A. increased its holdings in Banco Bradesco by 20.8% during the first quarter. Candriam S.C.A. now owns 142,331 shares of the bank's stock valued at $317,000 after buying an additional 24,530 shares during the last quarter. Dorsey & Whitney Trust CO LLC purchased a new stake in Banco Bradesco during the first quarter valued at approximately $26,000. Quantbot Technologies LP increased its holdings in Banco Bradesco by 116.7% during the first quarter. Quantbot Technologies LP now owns 1,238,707 shares of the bank's stock valued at $2,762,000 after buying an additional 667,089 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Banco Bradesco by 22.7% during the first quarter. Wellington Management Group LLP now owns 69,682,931 shares of the bank's stock valued at $155,393,000 after buying an additional 12,873,188 shares during the last quarter.

Banco Bradesco Price Performance

Shares of NYSE:BBD traded down $0.01 during midday trading on Friday, reaching $3.10. 29,247,962 shares of the company were exchanged, compared to its average volume of 30,747,668. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.63. The business's fifty day moving average is $2.94 and its two-hundred day moving average is $2.60. Banco Bradesco SA has a one year low of $1.84 and a one year high of $3.13. The stock has a market cap of $32.99 billion, a PE ratio of 8.86, a price-to-earnings-growth ratio of 0.43 and a beta of 0.68.

Banco Bradesco (NYSE:BBD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The bank reported $0.10 earnings per share for the quarter, hitting analysts' consensus estimates of $0.10. Banco Bradesco had a net margin of 9.76% and a return on equity of 12.96%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $32.70 billion. As a group, analysts predict that Banco Bradesco SA will post 0.37 earnings per share for the current year.

Banco Bradesco Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, October 8th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.0035 per share. This represents a c) annualized dividend and a yield of 1.4%. This is an increase from Banco Bradesco's previous monthly dividend of $0.00. The ex-dividend date is Wednesday, September 3rd. Banco Bradesco's dividend payout ratio (DPR) is 8.57%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BBD. Citigroup raised shares of Banco Bradesco from a "hold" rating to a "buy" rating in a research note on Wednesday, May 28th. Bank of America raised shares of Banco Bradesco from a "neutral" rating to a "buy" rating in a research note on Thursday, May 8th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $2.40.

About Banco Bradesco

Banco Bradesco SA, together with its subsidiaries, provides various banking products and services to individuals, corporates, and businesses in Brazil and internationally. The company operates through two segments, Banking and Insurance. It provides current, savings, click, and salary accounts; real estate credit, vehicle financing, payroll loans, mortgage loans, microcredit, leasing, and personal and installment credit; overdraft and agribusiness loans; debit and business cards; financial and security services; consortium products; car, personal accident, dental, travel, and life insurance; investment products; pension products; foreign currency exchange services; capitalization bonds; and internet banking services.